A new report from research firm Parks Associates evaluates market opportunities for smart solutions that leverage residential security strengths to address additional peace-of-mind use cases for the things people most want to protect.
Smart home device adoption is still limited,
and a major factor stopping its faster adoption is finding a compleeing reason to invest.
According to the report, security service providers have an opportunity to build on their core offering by cultivating peace-of-mind value propositions for lifestyle segment use cases. The report evaluates market potential for smart solutions that leverage residential security strengths to address other peace-of-mind use cases, such as elder care, childcare, pets, car security, frequent travelers, vacation homeowners, and property safety from fire and water damage.
asmag says: Extending the value proposition into lifestyle segment could be beneficial from a marketing perspective . According to the report 1 in 3 home owners is interested in using existing systems to monitor their pets, or their cars. Peace of mind is an important part of consumer motivation in buying and investing in home security devices and we have also seen this approach in offerings of manufacturers like Essence Group that announced "Peace of Mind" as a strategy for IoT devices.
It will be interesting to continue and monitor and see if this will help accelrate the adoption of smart home devices.